Pittsburgh industrial real estate market reports
Industrial Insights Q2 2021
The Pittsburgh market is dynamic and evolving to meet the needs of commercial real estate occupiers, landlords and investors. At mid-year 2021 the market has seen industrial demand keeping pace with the expanding pipeline as tenants clamor for new space.
Essential workers, small-scale logistics hubs, and a spike in new construction have helped bring Pittsburgh unemployment down to 5.7 percent. Other supply chain shocks throughout 2021 have done little to impede growth in leasing fundamentals, especially for Class A space.
The Transportation, Warehouse, & Utility workforce has increased jobs by 1.7 percent since the start of the pandemic, after seeing a sharp decline early in 2020.
Overall leasing activity has been sustained throughout the pandemic, currently sitting at +43.3 percent long-term annual average of the last 20 years of historical data.
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